Bitcoin plummets by the most since March - [briefly]
12:03 PM EST - Jan,11 2021 - post a comment Bitcoin slid as much as 21% over Sunday and Monday, its biggest two-day decline since March, under pressure from investor risk aversion that also undermined equities while the dollar rallied. The possibility of a second impeachment for President Donald Trump encouraged safe-haven flows into the dollar, which rose to two-week highs.Bitcoin is still up roughly 89% over the past month.
Cryptocurrencies tumbled on Monday, wiping off nearly $140 billion in total market cap, as traders took profits on the spectacular rally so far this month in light of a stronger dollar and growing political uncertainty.
Investors will be keeping a close eye on a possible impeachment of President Donald Trump and a surge in COVID-19 cases in Asia.
Bitcoin plunged as much as 21% over Sunday and Monday, its biggest two-day decline since March, though the cryptocurrency is still up roughly 89% on a trailing one-month basis. Ethereum fell 12%. The smaller coins XRP and Litecoin shed about 18% each.
The fall in cryptocurrencies on Monday wiped nearly $140 billion off the entire market. Last week, the overall cryptocurrency market rose above $1 trillion for the first time.
Bitcoin last week hit a record high above $41,000, swept up by the combination of a weaker dollar, economic optimism, and a wave of bullish sentiment toward cryptocurrencies as big-name investors and investment banks touted a potential for huge gains this year. |
